Aberdare Cables has announced the sale of 30% of its equity to a Black Economic Empowerment (BEE) grouping led by the newly established Izingwe Consortium in a transaction valued at approximately R165 million.
The Izingwe Consortium is led by Izingwe, a new investment company which is chaired by Sipho Pityana; the Matomo Group under the leadership of Thozamile Botha; and a newly formed women's group, Hlumani-Kgolang Investments, headed up by chairperson, Thabisa Vili.
Sipho Pityana, a former director general of Foreign Affairs, said: "The transaction to acquire 30% of Aberdare Cables is a significant market entry for Izingwe. It also complements the current strategic direction of Aberdare Cables and reinforces its drive for growth and competitiveness." Commenting on the transaction, Pityana said that it was crafted to fit perfectly into the empowerment framework outlined by the government's Department of Trade and Industry. "This was made possible by Izingwe's capacity to deliver and implement transformation solutions and Altron's recognition of the importance of BEE to its growth both locally and in the international environment," said Pityana. Pityana will become deputy chairman of Aberdare Cables.
For more information contact Robert Venter, Aberdare Cables and Izingwe Consortium, 011 645 3600; or Sipho Pityana, Izingwe Consortium, 011 784 2555.
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